All three major benchmarks are higher premarket
Futures on the Dow Jones Industrial Average (DJIA) are up 72 points ahead of the open, while Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) futures are inching higher as well. Investors are looking ahead to a busy week of earnings, with several blue-chip names set to report, after Friday marked a steep weekly loss for the Dow.
Continue reading for more on today's market, including:
- A look at what happened with the market last week.
- Tech sector markers to watch as 2023 gets underway.
- Plus, AMD receives bull notes; ABT drops on criminal probe; and CRWD downgraded.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.9 million call contracts and over 1 million put contracts traded on Friday. The single-session equity put/call ratio fell to 0.54 and the 21-day moving average dropped to 0.81.
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Barclays sees potential upside for Advanced Micro Devices Inc (NASDAQ:AMD), upgrading the stock to "overweight" from "equal weight," with a price-target hike to $85 from $70. Truist Securities added a bull note as well, raising its price target to $79 from $70. Year-over-year, AMD is down 42.5%, and sporting a 2.9% premarket lead.
- Abbot Laboratories (NYSE:ABT) is down 1.7% in electronic trading, following Friday's news that its its infant-formula plant in Sturgis, Michigan is facing a criminal probe. Year-over-year, the equity is down 9.5% coming into today.
- CrowdStrike Holdings Inc (NYSE:CRWD) is down 1.4% before the bell, after Deutsche Bank downgraded the shares to "hold" from "buy." Should these losses hold, the stock will move back toward its Jan. 10 two-year low of $92.25. The company also appointed Johanna Flower to its board of directors.
- Today will bring leading economic indicators.
Tech Boosts International Markets
Most markets in Asia were closed on Monday for the Lunar New Year. Japan’s Nikkei added 1.3% on gains in the tech and semiconductor sectors.
Tech stocks are also leading the charge In Europe, while investors continue to question the global economic outlook. At last check, London’s FTSE 100 is 0.4% higher, while Germany’s DAX and France’s CAC 40 are up 0.2% and 0.1%, respectively.